- Bad sign: Ecuador defaults on foreign debt saying it won’t pay “illegitimate” debts owned to “monsters” (Does Ecuador feel like Argentina in 2001 and Mexico in 1994 now?)
- Labor unrest causes 70 factories to close down in Nepal
- Nepal government rejects USAID’s new programs alleging it of being non-transparent and outside of the budgetary jurisdiction
- The Maoist government’s private armed civilian army (aka YCL) vandalizing a college (see the pic):
- Why taxes should be low in developing countries?
There is a good rule in setting taxes: the poorer the country, the lower the tax burden. This is for two reasons. First, poorer countries waste more tax money through corruption. Second, lower tax burdens for businesses lead to more economic activity.